Ant Financial Lands Record-Setting $4.5 Billion Funding

As Alibaba-affiliated financial services provider Ant Financial seeks to expand in markets in China and around the globe, the company has landed $4.5 billion in new funding that values it at a whopping $60 billion.

FDIC Approves New Assessment Rule for Small Banks

The FDIC board of directors has approved a rule that changes how banks with less than $10 billion in assets and have been FDIC insured for at least five years are assessed for deposit insurance.

Infographics: seizing the mPOS opportunity

Mobile point-of-sale (mPOS) is revolutionising the POS terminal industry. In two years, the market is estimated to be worth $43 billion. By 2019, 46% of all POS terminals in 2019 are expected to be mPOS. Over the next four years, the market is poised to grow by 400%. This nifty infographics – courtesy of FIME – […]

Kyrgyzstan’s national bank invites bids for system implementation

The National Bank of Kyrgyzstan is inviting bids for the implementation of a new informational-analytical system (IAS). The submission deadline is 17 June 2016 and the bank says it has received a credit/grant from the International Development Association toward the cost of the financial sector development project. The project is conducted under the auspices of […]

Nasdaq launches new quality assurance platform, Nasdaq Validator

Nasdaq has launched Nasdaq Validator to provide quality assurance (QA) for exchanges, clearing houses and central securities depositories (CSDs). Nasdaq Validator is an API-independent testing platform offering manual and automated test tools for the capital markets industry. It interfaces with Nasdaq’s matching, clearing and CSD systems, in addition to systems by other providers. It is […]

Liontrust goes live on Eze OMS and portfolio accounting systems

UK-based Liontrust Asset Management has gone live on Eze Software Group’s OMS (order management system) and portfolio accounting solutions, implementing a front-to-back office workflow to replace its in-house systems. Eze Software Group says its investment software suite was chosen after a “rigorous and lengthy” selection process involving a number of unnamed vendors. Liontrust, which has […]

Misys unveils Misys FinCloud

Misys today is launching Misys FinCloud, a range of cloud solutions and “global cloud environment” for its clients. It is supported by “selected global and local infrastructure providers, systems integrators and solution partners”, including Rackspace and NTT Communications, Misys says. With Misys FinCloud “clients gain faster access to innovation through shorter and more predictable on-boarding […]

Wealth Dynamix launches WDX ONE, cloud-based platform for wealth & investment managers

UK-based CRM solutions provider Wealth Dynamix has launched WDX ONE, a cloud-based framework for wealth and investment managers. WDX ONE is targeted at small to mid-market firms, and Wealth Dynamix says it cuts implementation costs by over 60%. Groupe Financiere Hottinger (GFH), a London-based portfolio management and financial advisory service, is one of the first […]

Mondo in recruitment drive for senior executives

UK-based challenger bank Mondo is on a recruitment drive to find senior executives. Mondo, which positions itself as a “mobile first” bank, will be offering a contactless debit card paired with a mobile banking app to its customers. As part of this ambition to end the “tyranny of legacy banks” it is advertising for two […]

Cisco partners with Fiserv for communications and infrastructure

Cisco has teamed with Fiserv and its Sentry Performance Solutions to provide hosted communications and infrastructure solutions. Sentry Performance Solutions include network, hosting and network security services; hardware and software life cycle management; and unified communications services. Fiserv says its clients now have access to the Cisco workforce experience and branch solutions. The workforce experience […]

M&A Update: Visa Europe Deal Tweaked, MasterCard Eyeing VocaLink

Visa Inc. has amended the terms of its pending acquisition of Visa Europe, reducing a planned future payment in favor of additional cash up front. Meanwhile, MasterCard reportedly is in talks to acquire U.K. payments giant VocaLink in a potential £1 billion (US$1.45 billion) deal.

CFPB Schedules Arbitration Hearing for May 5, Proposed Rule to Come?

The CFPB has scheduled a field hearing on arbitration clauses in Albuquerque, N.M., on May 5 at 11 a.m., MDT. Experts are anticipating the hearing will be the forum for the bureau to release its proposed rule on arbitration, and industry groups are bracing for restrictions or an outright ban on arbitration clauses in financial services contracts.

Wave 2 of European Central Bank’s T2S migration plan completed

The second wave of the European Central Bank’s (ECB) migration plan for Target2-Securities (T2S) transactions has been completed. T2S is the delayed centralised European platform for the settlement of domestic and cross-border securities, and is one of the largest infrastructure projects launched by the ECB. Wave 2 included Portugal’s central securities depository (CSD) Interbolsa, a […]

Morgan Stanley cools blockchain buzz

Morgan Stanley has brought blockchain back to earth, calling it a “double-edged sword” because while it helps banks reduce clutter, profits could fall or shift to new players. In its 31-page report, “Global Insight: Blockchain in Banking: Disruptive Threat or Tool?”, the company predicts blockchain’s “widespread potential to disrupt financial intermediaries” but says there are […]

Global Payments gets green light to acquire Heartland Payment Systems

US-based payment processor Global Payments is to acquire Heartland Payment Systems for $3.8 billion in cash and stock, as approved by the Heartland stockholders. About 29.7 million shares were voted in favour of the merger proposal. The vote represents approximately 99% of the total Heartland shares which voted on the merger proposal and 80% of […]

Bank of Ireland ponders major IT overhaul

Bank of Ireland, one of Ireland’s “big four” banking players, is looking to modernise its legacy software, Banking Technology understands. The bank’s current set-up is outsourced to Accenture, which manages its group technology and change division. The deal was signed in 2014, and around 200 staff transferred to Accenture from Bank of Ireland as a […]

Biometrics: the road less travelled on the customer journey

Biometric security in the financial services sector has finally reached the tipping point many have been anticipating since Apple launched its fingerprint recognition technology one whole iPhone generation ago. We recently saw the first of the major banks to announce that both fingerprint and voice recognition technology will be viable account login options for millions […]